JP Morgan and Barclays are preparing to launch a $1.19 billion CMBS conduit that is collateralized by 68 fixed-rate commercial mortgage loans that are secured by 151 properties.
Kroll Bond Rating Agency assigned the deal called JPMBB 2013-C15 preliminary ratings that range from ‘AAA’ to ‘BBB’.
The loans have principal balances ranging from $2.0 million to $119.0 million for the largest loan in the pool, which is secured by Veritas Multifamily Portfolio (10.0%), according to the presale report.
The portfolio contains 1,230 residential units in 45, mid-rise multifamily complexes located throughout San Francisco, California. The five largest loans also include Miracle Mile Shops (9.2%), 1615 L Street (8.4%), Hulen Mall (7.5%) and Briarcliff Office Portfolio (4.8%) and represent 39.9% of the initial pool balance, while the ten largest loans represent 55.8%.
The majority of the loans (56 loans, 86.6% of the pool balance) were used to refinance existing debt, while the proceeds from 11 loans (11.3%) were used for property acquisitions.
The pool is exposed to three property types with concentrations in excess of 15.0% are retail (28.8%), office (28.2%) and multifamily (20.4%).